Significant Decline in Crypto Market Cap as Bitcoin and Other Cryptocurrencies Tumble
The world of cryptocurrency took a huge hit as the price of Bitcoin dropped substantially by about $5,000 within a matter of hours. This decline was even more dramatic for altcoins, leading to a surge in Bitcoin’s dominance. The crypto market cap was greatly impacted, with a number of meme coins losing more than 20% of their worth. The business week had initially started off positively for Bitcoin, reaching an impressive high of over $72,500 due to the rising demand for spot ETFs. However, the announcement of higher-than-expected inflation data for March by the US led to a fall to $67,500. Despite this, Bitcoin managed to recover a little, even testing the $71,000 limit on Friday. Regrettably, this upward trend was not sustainable. Recent remarks on the central bank’s monetary policy by the US Fed resulted in a sudden correction, making Bitcoin drop by around $5,000. This fall triggered almost $1 billion in liquidations, although Bitcoin has since regained some ground and now sits above $67,000. The decrease in the crypto market cap is evident, with Bitcoin’s market capitalization decreasing to $1.330 trillion. Fortunately, Bitcoin’s dominance has risen to 51.7%, an increase of over 1% in a single day. This crash also had repercussions on other financial markets, including gold. Altcoins also experienced significant losses, with many of them suffering greatly. The most impacted among the larger-cap alts include XRP, SOL, DOGE, ADA, AVAX, SHIB, BCH, DOT, LINK, among others. Some meme coins experienced losses of up to 30%. In total, the crypto market cap fell by more than $200 billion, with its current value still significantly below $2.6 trillion. The keyword phrase here is ‘crypto market cap’, which reflects the overall market value of all cryptocurrencies combined.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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